It was just a slight push that produced a net gain of seven active residential real estate listings on the Saskatoon multiple listing service but it was enough to push the total inventory past the 1,500 mark for the first time. At the end of the week there are 1,506 residential properties displaying the “active” flag including 976 single-family homes (houses) and 430 condominiums. While inventories are at an all time high, it seems clear at this point that listing activity has started to moderate through July. I expect that when the dust settles, July will likely produce the smallest gains we’ve seen in several months.
Residential real estate sales also weakened some last week with just 61 units trading hands including 59 single-family homes and condos, a drop of 12 units compared to the week before. Area 1 remained fairly strong in comparison to recent weeks claiming 22 of 59 Saskatoon home sales recorded. Another 43 properties are marked “conditionally sold.”
Overbidding activity almost fell off of the map with just one sale recorded above the asking price. There was only one other week this year where overbids fell to one, and this week’s average overbid of just $100 is the lowest on record this year.
The average underbid increased to $11,763, one of the highest points on record this year but it was largely skewed by two exceptional area 2 sales, one of which sold $50K below list, and a second at more than 80K below.
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Norm Fisher
Royal LePage Vidorra
